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48 Facts About Oil You Never Knew | InvestingAnswers Think you know everything about oil? We’ve compiled facts and startling statistics about this versatile commodity We’re sure that these oil facts will surprise you! Basic Oil Trivia 1 Traditionally, crude oil is measured in barrels These are each equivalent to 42 US gallons (or a little fewer than 159 liters) 2 In Titusville, Pennsylvania, the 42-gallon barrel was officially adopted